Commercial paper worth N50 billion has been offered to investors by a leading telecommunications firm in the country, MTN Nigeria Communications Plc.
The offer is only open for subscription for a day, according to details of the exercise obtained by Business Post.
Subscription for the commercial paper opened on Monday, December 23, 2024, and closed today, Tuesday, December 24, 2024.
MTN Nigeria said it went for the N50 billion commercial paper sale to raise funds for its short-term working capital requirements.
It offered the paper in two series of 15 and 16, the former taking a 180-day tenor and the latter a 270-day tenor.
MTN Nigeria sold the six-month paper at a discount rate of 24.2162 per cent and the nine-month paper at 23.8780 per cent.
The exercise is under MTN Nigeria’s N250 billion commercial paper programme. According to the Nigerian Communications Commission (NCC), MTN Nigeria boasts 80,376,120 subscribers across the country and controls a market share of 51.09 per cent as of October 2024.
The telco was the first to launch a 5G network in Nigeria, providing coverage in key cities in the six geopolitical regions with population coverage of 12.7 per cent.
MTN Nigeria has approximately 45.3 million active data users and 2.8 million active mobile money wallets, driving digital and financial inclusion in a young and fast-growing population.